Glencore Xstrata CEO: Expect Big Layoffs

By

John W. Miller and

Alex MacDonald

Updated May 3, 2013 10:27 a.m. ET

LONDON—As his $66 billion deal crossed the finish line Thursday morning, Ivan Glasenberg, chief executive of the newly merged Glencore Xstrata PLC, was worrying about the future instead of celebrating that he and his brotherhood of swashbuckling traders have emerged in control of a top-five global miner.

As Glencore Xstrata shares start trading Friday, the focus is on integrating the two firms, squeezing out every ounce of profit, and watching for the next deal. "Not one glass of champagne will be opened," said...